Press release
Tradeweb Reports August 2023 Total Trading Volume of $33.0 Trillion and Average Daily Volume of $1.44 Trillion
August 2023 ADV up 41.2% YoY NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates,
About this update from Tradeweb Markets Inc.
[{"type":"text","content":"\nAugust 2023 ADV up 41.2% YoY\n\n\n NEW YORK--(BUSINESS WIRE)--\nTradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for August 2023 of $33.0 trillion (tn). Average daily volume (ADV) for the month was $1.44tn, an increase of 41.2 percent (%) year-over-year (YoY), including foreign exchange tailwinds.\n\n\nIn August 2023, Tradeweb records included:\n\n\n\nShare of TRACE in fully electronic U.S. High Grade credit\n\n\n\nShare of TRACE in fully electronic U.S. High Yield credit\n\n\n\nADV in swaps/swaptions ≥ 1-year\n\n\n\nADV in Chinese bonds\n\n\n\nNext month we will release our 3Q23 fee per million calculation in conjunction with the September Monthly Activity Report. We will be moving China Bonds fee per million from Cash Credit to Credit Derivatives, China Bonds and U.S. Cash “EP” given that our China Bonds product has a fee per million that is more in-line with the Credit Derivatives and U.S. Cash “EP”. Please find an updated Historical Financials file that calculates historical fee per million based on this new categorization.\n\n\nAugust 2023 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 14.9% YoY to $142.7 billion (bn). European government bond ADV was up 19.6% YoY to $32.9bn.\n\n\nGrowth was driven by strong activity across all client sectors. Higher interest rates continued to drive trading in the retail market. U.S. and European government bond volumes were supported by sustained rates market volatility.\n\n\n\n\n\n\nMortgage ADV was up 11.0% YoY to $174.4bn.\n\n\nOverall trading activity was supported by relative value trading, despite continued sluggish origination. Client engagement in specified pool trading remained strong.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 125.4% YoY to $381.8bn and total rates derivatives ADV was up 89.0% YoY to $535.9bn.\n\n\nRecord volume in swaps/swaptions ≥ 1-year was driven in part by heightened interest rate volatility, particularly in shorter dated instruments, and a 195% YoY increase in compression activity. Quarter-to-date compression percentage is running higher than 2Q23. Shorter dated, lower duration instruments in swaps/swaptions ≥ 1-year have a lower fee per million. Strong volumes continued to be buoyed by activity in emerging marke...